Challenges of Industrialization and Refinery Development

Yeah. You know, the issue people don't really understand,

first of all, it is very

difficult

to industrialize with interest rates at 30%.

I

can't see the magician who can actually industrialize a

country with 30% of

interest, you know, cost.

Uh, it means that if I were going to build a factory,

that will take you three

years. Cumulatively, the interest you'll be paying on the loans

that you've been

taking from the beginning.

Mm-hmm.

It means that if you need $10 million, you will need now 20.

And when you borrow money in dollars,

and you meet off devaluation,

good luck to you.

That one too is a problem. So you can

see,

I'm not saying this, but in a way, this is one area that I

supported,

uh, President Trump.

President Trump has fought almost every single country on Earth

because of protecting his own industry.

Um,

with our own,

uh, we're already there, Oji. Whether there's protection

or no protection,

we have... It's about survival.

Yeah.

So we have to survive.

But

under the current,

uh, things that are going on, especially in the downstream,

I cannot see any new refinery

in our lifetime.

We are there already. We have entered.

Are there going to be any other refineries?

The question that I've asked you,

and you know, this thing will, will be there.

You know, this recording will be there to

when me and you are even gone.

Correct. Correct.

So I am writing, I'm telling you today

is 13th, right?

Yes.

Of September-

September

... 2026.

I want me and you to review it

another September,

uh, I mean, 13th of September,

okay? There,

2036.

By God's grace.

By God's grace, if we're all alive, by the grace of God,

there will not be any refinery.

Wow. Why do you say this?

Because it does not encourage anybody to build one.

Because if there is nothing that will defend, even water,

you cannot produce water unless there's protection.

If there's no protection, you'll not be able to do that.

But then if a government wants to collect,

uh, want to create jobs,

they want to create economic activities, they want to collect

tax, they also have to give something in.

And the only thing that they will give in

is to protect the domestic industry.

Right.

Because if you import,

what you are doing is that you are importing poverty

and exporting jobs that you're

supposed to create out of the country.

Okay, I'm not calling on whether, you know, I mean, we're, we're in,

like what I said.

Mm-hmm.

So we're in who are in.

Yeah.

But how do we expand this thing for other

entrepreneurs-

Right

... to be able to now make Nigeria like India?

India today doesn't produce much oil, but they have

almost

7 million also barrels

of production per day.

Right.

Singapore

doesn't produce oil. South Korea doesn't produce oil,

but they have

big refining capacities.

Mm-hmm.

If they will allow other companies to go and be dumping

from Russia and co, fine. Why won't Europe, that they have

had, uh, civilization long time, allow Russian

goods to just go into-

Yeah

... this thing? Can you see

Tesla today surviving if America

allow BYD to be taken

into US?

They stop BYD now. They are not allowing BYD.

Today, the entire motor industry in Europe

is in trouble because of what?

Other manufacturers that are dumping into their market

despite duty protection.

But do you believe that Africa-